According to a report from the Organization of the Petroleum Exporting Countries, Nigeria’s crude oil output has fallen below 1 million barrels per day.
The nation’s oil output for May was 999 000 barrels per day, which was less than its 1.73 million barrels per day objective, according to OPEC’s Monthly Oil Market Report for May. The study states that output decreased from 1.3 million barrels per day (b/d) in February and March to 999, 000 b/d.
Due to oil theft and unlawful refining, Nigeria had difficulty meeting its OPEC quota of 1.742 million bpd, which compelled the organization to further lower its quota for the remaining months of 2023.
Nigeria’s poor output, according to Ayodele Oni, an energy law specialist at Bloomfield, is negatively affecting its budget.